Plastic pipe people Wavin have announced today that they will further streamline the organisation – predominantly in the UK.
The move is in response to the downturn of the European construction markets and in total some 200 jobs will be lost in manufacturing and overhead, mainly in the UK.
The company will now begin formal consultation processes with affected employees, with the restructuring mainly taking place during the last quarter of 2008. A restructuring charge of around EUR 8.5 million before tax will be taken in the second half year and Wavin expect these measures to save them around EUR 6.5 million a year.
This reorganisation comes on top of the earlier announced restructuring in Ireland and the UK, which affects over 100 employees in total. This process is on track, delivering a structural annual cost reduction of EUR 6 million.
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